GREENWICH, Conn., June 25, 2012 /PRNewswire/ -- S.A.V.E. Partners IV, LLC, which together with its nominees and certain other shareholders are members of a group ("SAVE") that collectively owns 3,196,739 shares of common stock of USA Technologies, Inc. (NASDAQ: USAT) ("USAT" or the "Company"), representing approximately 9.8% of the Company's outstanding shares, today issued the following release:
Shareholder James W. Stuckert today endorsed Shareholder Advocates for Value Enhancement's seven highly-qualified director nominees for the USAT Board on the GOLD Proxy Card. Mr. Stuckert, together with his wife, beneficially owns 512,000 shares of common stock of USAT and is a member of the SAVE group.
In a statement issued today Mr. Stuckert, said, "I've spent my career investing in companies that I believe have the potential to generate significant value for clients. Under the right leadership and with a well-balanced, engaged board of directors, it is my opinion that USAT can become such a company." Mr. Stuckert continued, "USAT has failed to convince me that its most recent financial results provide evidence that USAT is performing well — in my view, revenues and connections need to translate into profits. Furthermore, I believe USAT's current business plan offers nothing new to shareholders and fails to address the fundamental concerns I have about managing hardware costs, improving vending route management services and upgrading technologies. In my view, the status quo can no longer be maintained and change is urgently needed. I fully endorse the election of SAVE's seven highly-qualified director nominees because I firmly believe it is in the best interest of the Company and its shareholders."
About James W. Stuckert Mr. Stuckert serves on the board of directors of Royal Gold, Inc. (NASDAQ: RGLD), a precious metals royalty company with a current market value of over $4.5 billion. He is currently the Chairman of the University of Kentucky Development Council and is national Chairperson of the University's $1 billion comprehensive fund-raising campaign.SOURCE S.A.V.E. Partners IV, LLC